NEW DELHI: At this point, Nifty is at a crucial support zone of 16,200-16,100. The mentioned zone is a 78.6% retracement level of the entire rally, which started from 15700 towards 18100.
“We are hopeful that this support might be respected by the market, and we see reversal confirmation from here on. In that scenario, we could see some bounce towards 16,500-16,800. In a scenario where the support zone of 16,200-16,100 is breached, then the low of 15,700 would be under threat,” said Mehul Kothari, AVP – Technical Research, Anand Rathi Shares & Stock Brokers.
“With regards to the Nifty Bank index, 34,500 could be the breakout level and above the same, we might see some relief for the banking stocks.”
Below are key recommendations for Tuesday:
Axis Bank
Buy near 660
Stop Loss: Rs 630
Target: Rs 715
In the past few sessions, we witnessed a massive corrective move in Axis Bank, where the stock turned from Rs 800 mark and is now trading near Rs 650 level. The zone of Rs 650-630 has acted as a reversal zone for the stock more than thrice in the past year.
Analyst: Mehul Kothari, Anand Rathi
TCS
Buy near Rs 3,425
Stop Loss: Rs 3,300
Target: Rs 3,600
Even TCS has been in a corrective mode since quite some time and recently, it came down from the peak of Rs 3,800 towards the low of Rs 3,350. At this point in time, the stock is trading near its multiple support level of Rs 3,350. This level has acted as a strong demand zone for the stock since Oct 2021.
Analyst: Mehul Kothari, Anand Rathi
NTPC
Buy at CMP
Stop Loss: Rs 155
Target: Rs 170
The stock has been in an uptrend with higher top and higher high formation intact. The stock has been consolidating after a recent breakout. The breakout level at Rs 162 above will have a swift move towards Rs 170 levels.
Analyst: Kunal Shah,
Securities
HCL Tech
Buy at CMP
Stop Loss: Rs 1,040
Target: Rs 1,140
The stock has formed a strong base after a recent correction in the entire IT sector. The RSI indicator has formed a positive divergence on the daily chart, indicating strength. The stock is likely to witness a pull back in the near term.
Analyst: Kunal Shah, LKP Securities
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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